科创板新一轮改革启幕。 在6月18日召开的2025陆家嘴论坛上，中国证监会主席吴清表示，将聚焦提升制度的包容性和适应性， 以深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资 本市场生态。 21世纪经济报道记者 张赛男 上海报道 "1"是在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标准上市，更加精准服务技 术有较大突破、持续研发投入大、商业前景广的优质科创企业，在强化信息披露、加强投资者适当性管 理方面作出安排。 "6"是在科创板推出六项措施：包括对于适用科创板第五套标准的企业，试点引入资深专业机构投资者 制度；面向优质科技企业试点IPO预先审阅机制；扩大第五套标准适用范围，支持人工智能、商业航 天、低空经济等更多前沿科技领域企业适用；支持在审未盈利科技企业面向老股东开展增资扩股等活 动；完善科创板公司再融资制度和战略投资者认定标准；增加科创板投资产品和风险管理工具等。 随后，中国证监会印发了《关于在科创板设置科创成长层增强制度包容性适应性的意见》（以下简称 《科创板 ...

文/梧桐小编 6月18日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，对科创板上市制度做了重大改革。上交所发布《关于就进一步深化科 创板改革配套业务规则公开征求意见的通知》及《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层（征求意见稿）》等4个附件。科创板主要 改革措施如下： 一、设置科创板科创成长层，明确企业入层和调出条件 （一）科创成长层的定位。科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍处于未盈利阶段的科技型企业。 （二）企业入层和调出条件。未盈利科技型企业全部纳入科创成长层，调出条件实施新老划断。其中，新注册的未盈利科技型企业符合下列条件之一的，调出科 创成长层：（1）最近两年净利润均为正且累计净利润不低于5000万元；或（2）最近一年净利润为正且营业收入不低于1亿元。存量未盈利科技型企业符合现行取 消特殊标识条件的，调出科创成长层。 二、增强优质科技型企业的制度包容性适应性 （一）对于适用科创板第五套上市标准的企业，试点引入资深专业机构投资者制度。 （二）面向优质科技型企业试点IPO预先审阅机制，进一步提升证券交易所预沟通服务质效 ...

Group 1 - The core viewpoint of the news is that the introduction of the third set of standards for the ChiNext board marks a significant milestone, allowing high-quality, unprofitable innovative companies to go public, thus optimizing their access to capital markets [1][2]. - The establishment of the Sci-Tech Growth Tier on the Sci-Tech Innovation Board aims to serve technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, even if they are currently unprofitable [1][3]. - The continuous release of policy dividends has stimulated market enthusiasm for investing in technology assets, which have become the leading sector in the A-share market, reflecting investor confidence in the future development of technology companies [2][3]. Group 2 - The rise of technology assets in the A-share market is driving the transformation and high-quality development of the capital market, optimizing its structure and aligning it more closely with economic development trends [3][4]. - The integration of technology innovation and capital markets creates a mutually beneficial relationship, where capital markets provide funding and resources for technology innovation, while technology innovation brings new investment opportunities and growth momentum to capital markets [3].

Core Insights - The successful launch of the "Tianqi Constellation" marks a significant milestone in China's commercial space sector, with the Ceres-1 rocket by Star River Dynamics completing its mission by delivering four satellites into orbit [1][2] - Star River Dynamics has established itself as a leader in the private commercial launch market, achieving the highest number of launches, satellite deliveries, and success rates among domestic private rockets [3][4] Company Overview - Star River Dynamics, based in Beijing, was founded by experienced aerospace engineers and focuses on low-cost commercial space launch services [2][3] - The company has completed 19 commercial launches, successfully delivering a total of 81 satellites with a focus on developing reusable liquid oxygen/kerosene engines [1][3] Technological Advancements - The Ceres-1 rocket has achieved significant technological milestones, including entering the 500 km sun-synchronous orbit and demonstrating a mature technical state for commercial launches [2][3] - The company is developing a 50-ton reusable liquid oxygen/kerosene engine, marking a breakthrough in China's private aerospace sector [3] Market Dynamics - The commercial space industry in China is experiencing rapid growth, driven by increasing market demand and the establishment of supply capabilities [3][4] - Star River Dynamics emphasizes the importance of high-frequency launches to reduce costs and improve operational efficiency, exploring various technological improvements to enhance performance [4] Industry Recognition - Star River Dynamics showcased its models at the 54th Paris Air Show, marking the first appearance of a Chinese private rocket company at an international aerospace exhibition [5] - The inclusion of commercial space scenarios in Beijing's 2024 technology work plan highlights the government's support for the industry, aiming to enhance satellite services in various sectors [6]

Group 1 - Beijing has over 300 high-tech enterprises in the commercial aerospace sector, accounting for a significant portion of the national market [1] - The commercial aerospace industry in Beijing covers the entire supply chain, including launch vehicles, satellite manufacturing, ground stations, terminal equipment, and satellite application services [1] - The "South Arrow North Star" pattern has begun to take shape, with "South Arrow" focusing on areas like the Economic Development Zone, Fengtai District, and Daxing District, while "North Star" is centered in Haidian District [1] Group 2 - The Economic Development Zone is home to major commercial rocket companies such as Blue Arrow Aerospace, Interstellar Glory, and Star River Power, boasting the most comprehensive rocket development supply chain in the country [1] - Haidian District has gathered satellite manufacturing companies like Micro-Nano Starry Sky, forming the most complete satellite manufacturing supply chain in China, with leading capabilities in satellite assembly [1]

中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 为深入贯彻党的二十届三中全会精神，认真落实中央金融工作会议、中央经济工作会议和《国务院关于加强监 管防范风险推动资本市场高质量发展的若干意见》部署要求，深化资本市场投融资综合改革，增强科创板制度 包容性、适应性，更好服务科技创新和新质生产力发展，中国证监会制定了《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称《科创板意见》）。 《科创板意见》在持续抓好"科创板八条"落地实施的基础上，以设置专门层次为抓手，重启未盈利企业适用科 创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革，着力打通支持优质科技型企业发展的堵点 难点，同时进一步加强投资者合法权益保护。一方面，设置科创板科创成长层，在科创成长层的定位、企业入 层和调出条件、强化信息披露和风险揭示、增加投资者适当性管理等方面明确具体要求。另一方面，围绕增强 优质科技型企业的制度包容性适应性，推出6项改革举措，主要包括：一是对于适用科创板第五套上市标准的 企业，试点引入资深专业机构投资者制度。二是面向优质科技型企业试点IPO预先审阅机制，进一步提升证券 交易所预 ...

未盈利科技型企业全部纳入创新成长层。 证监会主席吴清话音刚落，6月18日下午，科创板"1+6"改革细则出炉。 清华大学国家金融研究院院长、五道口金融学院副院长田轩认为，设置科创成长层这一举措具有非常重 要的意义。成长层突破了过去对拟融资企业规模、盈利等方面的要求与限制，不仅能够根据科创企业轻 资产、高研发投入、未来收益不确定性大等特点，为科技创新型企业提供更为精准的融资平台；还能够 吸引社会资本聚焦科技创新领域，引导资金从传统产业流向具有高附加值和发展潜力的科创产业，加速 科技成果转化，促进产业结构优化升级。 此外，科创板推出6项改革举措，包括对于适用科创板第五套上市标准的企业，试点引入资深专业机构 投资者制度；扩大第五套标准适用范围；支持上市公司吸收合并上市不满3年的科创板上市公司等。 未盈利科技型企业全部纳入创新成长层 证监会新闻发言人表示，本次改革在科创板设置创新成长层，重点服务技术有较大突破、商业前景广 阔、持续研发投入大，但目前仍处于未盈利阶段的科技型企业。 "从全球实践看，科技型企业往往经营业绩不确定性大、转盈利周期长，资本市场服务能不能覆盖优质 未盈利科技型企业，是市场各方判断制度包容性、适应性 ...

Core Insights - The "Invest Chengdu" Global Investment Conference commenced on June 18, 2025, with the theme "Cooperation·Innovation·Future," attracting nearly 400 guests from Fortune 500 companies, multinational corporations, industry leaders, financial institutions, and expert think tanks [1][4] Group 1: Investment Opportunities - The conference featured significant participation from industry leaders in aerospace, artificial intelligence, and advanced manufacturing, discussing opportunities in emerging industries and the potential of investing in Chengdu [4] - A total of 16 major industrial projects were signed on-site, with a total signing amount exceeding 82.53 billion yuan, covering sectors such as commercial aerospace, artificial intelligence, advanced energy, new materials, and smart connected vehicles [4] - In total, 310 cooperation projects were signed before and after the conference, including major industrial projects that are globally leading and fill industry gaps, aligning with Chengdu's "9+9+10" modernization industrial system [4] Group 2: Policy and Support Initiatives - Chengdu's relevant departments jointly released the 2025 "Invest Chengdu" policy package, covering 11 areas including industrial funds, industrial parks, technological innovation, and talent introduction [5] - The plan includes the establishment of a full lifecycle investment system and aims to create 100 pilot platforms and concept verification centers, providing substantial financial support for various projects [5] - The Chengdu 100 billion yuan "Chain Master Fund Action Plan" was also announced, focusing on key industry clusters such as integrated circuits, high-end software, and aerospace, with a goal to establish 12 chain master funds by the end of 2030, forming a total scale exceeding 60 billion yuan [5]

以下文章来源于数星星的星哥 ，作者singsing2020 数星星的星哥 . 前医药投资人，曾经的新能源投资人，现在看AI的小王 对于一级投资人来说，这个'新五套'的潜在投资机会有哪些呢？ 其实政策也指出了，就是下面的"6"。 本期导读： 科创板'新五套'标准重启，人工智能、商业航天、低空经济迎来IPO新机遇。 来源丨数星星的星哥 本期推荐阅读5分钟 一大早，就被"1+6"的新闻刷屏了。 很多同行惊呼，一级市场又要好起来了！ 这里星哥就简单聊两句，分析下政策背后的意图和潜在的投资机会。 具体来 看，"1"指的是在科创板设置 科创成长层 ， 重启科创板第五套标准 ，以便更加精准服务 技术有较大突破、持续研发投入大、商业前景广阔 的优质科创企业，在强化信息披露、加强投资 者适当性管理方面作出安排。 星哥认为：这里重启的第五套标准（我们姑且叫'新五套'）和之前的五套标准（我们叫'老五套'） 应该会有很大的区别。 这里需要注意的第一个是这个" 科创成长层" ：这个成长层针对的应该是后面定义的 技术有较大突 破、持续研发投入大、商业前景广阔的一批企业 ，而这些企业可能处于收入规模较小，盈利能力 偏弱，或者还未盈利的状态 ...

IPO迎利好！ 来源丨上证报、证监会发布 本期推荐阅读5分钟 据上证报：中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 为深入贯彻党的二十届三中全会精神，认真落实中央金融工作会议、中央经济工作会议和《国务 院关于加强监管防范风险推动资本市场高质量发展的若干意见》部署要求，深化资本市场投融资 综合改革，增强科创板制度包容性、适应性，更好服务科技创新和新质生产力发展，中国证监会 制定了《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称《科创板意 见》）。 《科创板意见》在持续抓好"科创板八条"落地实施的基础上，以设置专门层次为抓手，重启未盈 利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革，着力打通支持 优质科技型企业发展的堵点难点，同时进一步加强投资者合法权益保护。一方面，设置科创板科 创成长层，在科创成长层的定位、企业入层和调出条件、强化信息披露和风险揭示、增加投资者 适当性管理等方面明确具体要求。另一方面，围绕增强优质科技型企业的制度包容性适应性，推 出6项改革举措，主要包括：一是对于适用科创板第五套上市标准的企业，试点引入资深专业机 构投资 ...